I'm thinking brand recognition, history, and consistency:

Old Guard:
-Alabama
-Georgia
-Michigan
-Ohio State

Blue Bloods that don't really deserve the status but are still Blue Bloods:
-Notre Dame
-Penn State
-Texas
-Oklahoma
-LSU

Newbies:
-Clemson
-Oregon

Past Blue Bloods that have fallen out (easiest path back if they string together 3-5 stellar seasons):
-Miami
-Nebraska
-Florida
-Florida State
-USC

Blue Blood Potential:
-Kansas State
-Michigan State
-Tennessee
-Wisconsin
-Auburn
-Texas A&M

Cinderella Potential (teams that were/are in lower conferences that are consistently knocking on the door and could make it in with a dominant string of success):
-Boise State
-BYU

LOL! (teams that will never be Blue Bloods that currently have actual fans who legitimately think that they are already Blue Bloods):
-Utah